reports
- Carole Braudeau
- Carole Braudeau
Morning Crédit 26/03/2026
Webuild: Termination of Trojena project but positive momentum should continue|Emeria : une situation inchangée après le call des résultats 2025|Asmodee acquiert ATM Gaming pour 180 m EUR|Kantar : meilleures perspectives en 2026, Bain envisage une sortie dans donner d’horizon précis|
- Jakub Krawczyk
- Olfa Taamallah
- Yan Derocles
- Jakub Krawczyk
- Andreas Riemann
- Jakub Krawczyk
- Fehmi Ben Naamane
- Fehmi Ben Naamane
- Olfa Taamallah
- Yan Derocles
- ING Helpdesk
Benelux Morning Notes
Ageas: FY25 results of CTIH. ASR: Management & Supervisory Board changes. MICC: Preview 1Q26. Ontex: 1Q26 preview - markets remain challenging. Randstad: Preliminary preview 1Q26F results due 22 April. Tessenderlo: 2H25 miss, soft 2026F guidance. Unicredit: Injecting capital into its Belgian Bank
- Andreas Riemann
- Wim Gille
- Research Team
WOOD Daily: LPP PW; MIL PW; PEO PW; PCO PW; WPL PW; EWG LN; MOH GA; MG...
HEADLINES: • LPP: 4Q25 ahead of expectations; FY26E guidance raised despite a slow start to the year POSITIVE • Bank Millennium: to pay PLN 118m of resolution fund charges in 1Q26 NEUTRAL • Bank Pekao: to pay PLN 413m of resolution fund charges in 1Q26 xx NEUTRAL • Pepco: 1H26 trading update - sales up 3.7% yoy; FY26E guidance maintained NEUTRAL • Wirtualna Polska: key takeaways from the 4Q25 earnings call NEGATIVE • Eurowag: 2H25 results and 2026E guidance POSITIVE • Motor Oil: shifts crude sla...
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Jean Danjou
CSG Full Year 2025 Results Statement
CSG Full Year 2025 Results Statement CSGFull Year 2025 Results Statement Topline Outperformance; Margins in Line with IPO OutlookFY 2026 Guidance Reaffirmed Financial highlights Revenue increased to €6.7bn, up 71.7% year on year (30.1% pro forma1), driven by strong demand across Defence Systems and the integration of The Kinetic GroupTotal backlog reached €15bn with a pipeline of €27bn, providing strong multi-year visibilityAdjusted Operating EBIT2 increased to €1.6bn, up 60.7% year on year (31.2% pro forma), with margin at 24.1% Net Profit from Continuing Operations increased to €872...
- Chaima Ferrandon
- Sven Edelfelt
ODDO : Europe has its reasons that deregulation knows nothing of
A political revolt is opening up the prospect of a more flexible ETS that will reduce carbon pressure in the short term and mitigate the additional CO2 costs for cement manufacturers. These changes pave the way for a slower streamlining of assets and less dynamic selling prices. After an exceptional re-rating, the sector's valuation multiples have quickly normalised following the escalation of conflict in the Middle East. At these share price levels, we keep our outperform rating on Holcim and V...
- Chaima Ferrandon
- Sven Edelfelt
ODDO : L’Europe a ses raisons que la dérégulation ne connait pas
Une fronde politique ouvre la perspective d’un assouplissement de l’ETS réduisant la pression carbone à court terme et atténuant les surcoûts CO2 pour les cimentiers. Ces changements ouvrent la voie à une rationalisation des actifs moins rapide et des prix de vente moins dynamiques. Après un rerating exceptionnel, les multiples de valorisation du secteur se sont rapidement normalisés suite au conflit au Moyen-Orient. A ce niveau de cours, nous maintenons notre recommandation sur Holcim et Vicat ...
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